Featured Tax Evasion

George Pearmain, lead policy adviser on financial crime for Jersey, on his concerns and priorities for the Island

George Pearmain, lead policy adviser on financial crime for Jersey, on the past successes and future challenges for the island's financial crime prevention regime. Read More

Simon Gaudion of the Guernsey FSC on the changing financial crime landscape for offshore

KYC360's Tom Devlin interviews Simon Gaudion, Director of the Enforcement Division at the Guernsey Financial Services Commission. Read More

Interview with Jennifer Haslett, Corporate Crime and International Engagement Lead for HMRC

KYC360's Tom Devlin interviews Jennifer Haslett, who has been working on international engagement on tax policy for the UK's Treasury and tax collection authority since 2011. Read More
9th October 2018
Swiss bank UBS Group and six of its executives faced trial in France on Monday over charges of money laundering and tax evasion. The charges, which were also brought against UBS’ French unit, originate from a report by employee Bradley Birkenfeld which detailed a scheme to help rich clients funnel… Read More
4th October 2018
Banks doing business in Estonia, which has been at the centre of a money-laundering scandal involving Danske Bank, handled more than $1 trillion (768.18 billion pounds) in cross-border flows between 2008 and 2017, according to the country’s central bank. The European Union member country of just 1.3 million people has… Read More
4th October 2018
AP — Chinese tax authorities have ordered “X-Men” star Fan Bingbing and companies she represents to pay taxes and penalties totaling $130 million, ending speculation over the fate of one of the country’s highest-profile entertainers three months after she disappeared from public view. Of the total… Read More
25th September 2018
AP — Tax authorities say they have used surveillance drones in Greece for the first time to spot violations on Santorini, where tourists were allegedly being taken on boat tours of the island’s sea-filled volcanic crater without getting receipts. Greece’s Independent Authority for Public Revenue said… Read More
19th September 2018
AP — A Spanish court on Tuesday rejected a request to extradite a former HSBC employee to serve a five-year prison sentence in Switzerland, where he was convicted for leaking a massive trove of bank data that led to tax evasion probes worldwide. The ruling was… Read More
13th September 2018
Manchester United manager Jose Mourinho has accepted a one-year prison sentence as part of a deal to settle a Spanish tax evasion case, El Mundo newspaper reported on Tuesday, although he is unlikely to actually serve any jail time. Spanish law states that a sentence of under two years for… Read More
7th September 2018
The United Kingdom’s tax office opened over twenty investigations into possible tax evasion involving large firms, and also increased the number of cases involving individual taxpayers and small businesses by 24%, according to figures from law firm Pinsent Masons. HMRC’s Large Business Directorate referred the cases to its evasion referral… Read More
3rd September 2018
Indian Prime Minister Narendra Modi launched a payments bank on Saturday to turn postmen into bankers so they can offer financial services to the poor in rural areas and boost digital transactions. Modi has since 2014 sought to end what he has called “financial untouchability” by giving millions of people… Read More
28th August 2018
The number of informants calling up the tax office to report tips of tax fraud doubled last year to reach 40,000, according to the Financial Times. The increase is thought to be due to the merging of two hotlines into one number, which was heavily promoted. “The number of calls… Read More
Must Read

EU adopts Sixth Anti-Money Laundering Directive EU 6AMLD, deadline set

Countries across the European Union will have two years to implement a new system of jail sentences and sanctions for money launderers following the formal adoption of the EU’s latest anti-money laundering directive, dubbed 6AMLD (Sixth Anti-Money Laundering Directive) on 11 October 2018. Once the directive is published in the… Read More

Anti-money laundering compliance costs hit $25 billion annually – study

The cost of AML compliance across U.S. financial services firms equaled $25.3 billion per year based on survey responses from more than 150 decision-makers at banks, investment, asset management and insurance firms, according to a new study. The report shows that smaller firms are hit hardest, relative to their bottom… Read More